Ruskin Felix Consulting LLC created a comprehensive research and strategy report based on the Beverages industry. The reports sheds light on the overall industry analysis, market size and technical analysis which comprises of the certification analysis, calorific value analysis and sugar content analysis. The report consists of a detailed research based on the behavior and trends of consumers – behavior shifts, trend analysis, competitive analysis, and opportunity analysis. The report highlights the e-commerce strategy, B2C sales approach, and the execution plan of the project. The report lays emphasis on the business model and the brand positioning of the company.
Sales of major beverage categories are expected to grow from $150 billion to more than $160 billion by the end of 2020, according to a new report titled U.S. Beverage Market Outlook 2020: Grocery Shopping & Personal Consumption in the Coronavirus Era by Packaged Facts, a leading market research firm and division of MarketResearch.com. Most packaged beverage categories are mature, but there are still growth opportunities for companies that focus on product innovation, appeal to shifting consumer preferences, and successfully navigate market changes associated with the COVID-19 pandemic.
Over the past 2 years, the pandemic has changed the way consumers shop, socialize, entertain as well as the types of foods and beverages they consume. Although vaccines have been developed and are in distribution, the pandemic is affecting beverage trends and overall health and wellness.
From soft drinks and fruit juices to diet beverages and alcohol, the United States’ beverage market is, indeed, a profitable one. The success of the industry is illustrated by the nation’s extensive consumption of alcoholic and non-alcoholic beverages. Current estimates value the U.S. beverage market at an impressive $146 billion.
Globally, 57% of consumers report being more concerned about their immunity as a result of COVID-19. As consumers strive to enhance their immunity, they are becoming more knowledgeable about how the human microbiome supports the immune system and overall wellbeing. Products containing probiotics, prebiotics and postbiotics can benefit the microbiome and are already gaining momentum in the marketplace.
Some of the changing trend for various health sectors are as follows:
- Plant based beverages is the most popular trend in the beverage industry today and has tremendous opportunity. More and more brands are coming up with plant-based alternatives as part of the product portfolio with the rise in veganism.
- Juice cleanses are old school and should be replaced with beverages with low-calorie and zero calorie drinks and smoothies with popular flavors such as strawberry, mango, vanilla, chocolate etc. Tea and fruit infused beverages should also be considered while developing a new drink for the weight management ND Metabolic health segment.
- With rising stress and focus on emotional well-being, this segment has tremendous opportunity. More and more people are leaning towards CBD based drinks and oils to help with their insomnia, anxiety and other illness. Some popular choices of beverages in this category are CBD infused coffee, oils, sparkling water, soda, syrup and shots.
- With an increased focus on personal health and immunity after the collapse of health policies across the world due to COVID, the company should look at focusing on making immunity-based drinks focused on organically bettering the internal immune system of the consumer.
Based on the report, there are a few product recommendations that have been highlighted and emphasized on:
- Probiotic beverages – To focus on Probiotics in the form of soda as it has lesser existing competition than diary-based probiotics and has a very high appeal to the millennials due to their inclination towards sugary sodas.
- Wellness shots – More and more brands are focusing on ancient medicinal and apoptogenic ingredients in wellness shots and we recommend this company do the same. Ingredients like apoptogenic.
- Plant-based milk – We recommend creating plant-based coffee beverages, smoothies, or desserts for this category as the milk category is already crowded with existing competition.
- Weight management beverages – Low calorie and Zero sugar drinks are also another option to consider
- Sports and energy drinks – The energy and sports drink market is very saturated and has many top players already existing in the market. Any new entry in the market will have to come with a huge marketing budget and celebrity endorsements to be successful.
- CBD beverages – Some recommendations for products in this category would be to create CBD infused water, CBD infused soda, CBD infused coffee, and CBD infused shots.
- Mocktails and cocktails – Low content alcoholic drinks in sustainable packaging like glass.
- Juices – An exciting innovation being seen in North America is caffeinated fruit juice, where fruit juice is infused with cold brew coffee. This is another arm of the functional energy drink category, tapping into the demand from health-conscious consumers.